Well, we never thought we'd see the day when style maven Cate Blanchett stepped out on the red carpet in a cleavage-revealing dress with a waist-deep plunge. She must be the only woman in the world who can make side boob tasteful.

The Oscar-nominated actress was simply dazzling at the 3rd Annual AACTA Awards Ceremony at The Star in Sydney in her burgundy and gold sequin-covered gown by Givenchy.

The Australian Academy of Cinema and Television Arts awards has been dubbed Australia's answer to the Oscars, and Great Gatsby was the big winner with 13 gongs.

Other stars at the glittering event included Delta Goodren, Sam Worthington, and Geoffrey Rush.

Cate is hotly tipped to win a Best Actress Oscar for her role in Woody Allen's Blue Jasmine at the upcoming Academy Awards. We wonder if she'll wear anything quite so revealing for that big moment.